The New Zealand market subcommittee of the ASF has written to the NZ Ministry of Business, Innovation and Employment requesting COVID-19 relief from the Credit Contracts and Consumer Finance Act 2003 (CCCFA) for non-bank lenders.

In particular, the letter highlights the concern that absent a comparable exemption given to registered banks under the CCCFA (Exemptions for COVID-19 Amendment regulation), the ability of non-bank lenders to address the financial hardship suffered by their customers due to COVID-19, or effectively and efficiently fund their businesses through their securitisation programs would be adversely affected.